WASHINGTON (CNA) – The International Monetary Fund (IMF) said its executive board on Wednesday approved USD1.4 billion in emergency financing for Ukraine to help meet urgent spending needs and mitigate the economic impact of Russia’s military invasion.
The global lender said Ukrainian authorities had cancelled an existing stand-by lending arrangement with the IMF, but would work with the fund to design an appropriate economic programme focussed on rehabilitation and growth when conditions permit.
“The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis,” IMF Managing Director Kristalina Georgieva said in a statement after the meeting, predicting a deep recession in Ukraine this year. “Financing needs are large, urgent, and could rise significantly as the war continues.”
